Canadian Underwriter

Lloyd’s issues $1.78 billion cash call to members

October 18, 2001   by Canadian Underwriter

Print this page Share

In light of almost Cdn$3 billion (1.3 billion pounds) in losses from the U.S. terrorist attacks, Lloyd’s of London is making a cash call on members for $1.78 billion (780 million pounds). Money will be used to help pay claims following the attacks, in which Lloyd’s syndicates insured the World Trade Center and both U.S. airlines involved.
Individual Lloyd’s members, or “names”, are being asked for $560 million (246 million pounds), while corporate members will provide the remainder. The members would have paid a cash call of some kind to cover losses from 1999, but the amount is substantially higher in light of the September 11 attacks.

Print this page Share

Have your say:

Your email address will not be published. Required fields are marked *